Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) have earned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $11.00.

Several research firms have recently issued reports on GRNT. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Northland Securities set a $11.00 price objective on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Finally, Wall Street Zen raised shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th.

Insider Activity at Granite Ridge Resources

In other news, CFO Ronald Kettler acquired 6,000 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, for a total transaction of $30,300.00. Following the acquisition, the chief financial officer directly owned 135,276 shares in the company, valued at approximately $683,143.80. The trade was a 4.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John McCartney acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares in the company, valued at $776,880.72. This represents a 3.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 24,000 shares of company stock valued at $120,800 over the last 90 days. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Granite Ridge Resources during the second quarter valued at $21,910,000. Dimensional Fund Advisors LP boosted its position in shares of Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after buying an additional 448,066 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources in the 1st quarter worth about $6,624,000. Bank of New York Mellon Corp increased its holdings in Granite Ridge Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock worth $5,575,000 after buying an additional 12,089 shares in the last quarter. Finally, CWA Asset Management Group LLC increased its holdings in Granite Ridge Resources by 15.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after buying an additional 144,933 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Trading Down 1.2%

Granite Ridge Resources stock opened at $5.72 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The business’s fifty day simple moving average is $5.03 and its two-hundred day simple moving average is $5.06. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14. The company has a market capitalization of $754.47 million, a price-to-earnings ratio of -27.24 and a beta of 0.24.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. The firm had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. As a group, equities analysts predict that Granite Ridge Resources will post 0.47 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.7%. Granite Ridge Resources’s dividend payout ratio is presently -209.52%.

About Granite Ridge Resources

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.